Your Legacy: Protecting Your Health
Rick Goldring B.A.,CFP,CLU,CH.F.C.
Providing Financial Leadership to Business Owners including Real Estate Investors by Maximizing Retirement Income and Legacy while Minimizing Risk and Tax
There is?no shortage of people and businesses?impacted by the pandemic. Canada's Health Care System?is no different. As Canadians, we have the benefit of not incurring direct expenses for services covered under public health insurance. We do however?pay indirectly through our?income taxes. Those who are among the top 10% of income earners in Canada pay over $40k each year.??
When paying?that amount of taxes, you would hope for a robust, efficient?system but the past 2 years have made the complexities and issues associated with the health care system more apparent than ever. One of the most significant issues are?the waiting times.
A Holistic Approach to Your Healthcare
"This year’s wait time is the longest wait time recorded in this survey’s history and is 175% longer than in 1993." (December 2021)
The above statement comes?from a?report called,?Waiting Your Turn: Wait Times for Health Care in Canada, 2021 Report,?written by Moir and Barua of?The Fraser Institute. You can?download the report here,?but for the purposes of this discussion, I've highlighted some interesting findings.?
With a great deal of variaton among the specialities, the report examines wait times in two consecutive segments:
1. Time waited from the referral by a general practitioner to the consultation with a specialist.?The waiting time?increased from 10.5 weeks in 2020 to 11.1 weeks in 2021. This wait time is 201% longer than in 1993, when it was 3.7 weeks. The shortest waits for specialist consultations are in Ontario (8.2 weeks) while the longest occur in Prince Edward Island (24.1 weeks).
2. Time waited from the consultation with a specialist to the point at which the patient receives treatment.?The waiting time increased from 12.1 weeks in 2020 to 14.5 weeks this year. This wait time is 159% longer than in 1993 when it was 5.6 weeks, and 6.1 weeks longer than what physicians consider to be clinically “reasonable” (8.3 weeks). The shortest specialist-to-treatment waits are found in Ontario (10.3 weeks), while the longest are in Nova Scotia (34.1 weeks).
Wait times in Ontario don't seem to be as long as in the other provinces. However, depending on the ailment, these times may not be reasonable?for you.?Especially, if your condition is serious and/or is impacting your quality of life.
There are also considerable?adverse medical consequences from prolonged waiting. Especially if you are waiting longer than medically recommended for treatments like?joint replacement surgery, cataract surgery, coronary artery bypass graft surgery?and MRI scans.
This might not be a concern to you immediately?but what about 5, 10 or 20 years down the road??Also, what about the health of your employees? It's important to be proactive rather than?reactive.
With wait times being at an all-time high, consider global private?medical insurance for yourself and your business.?Our?newsletters have been focused on legacy planning and you might be wondering how this fits in.?Protecting yourself?is?protecting your legacy.?
Some types of insurance only cover catastrophic circumstances. If you want coverage for most health issues and?prefer connecting with?the top specialists in their field, no matter their location, consider?Best Doctors Canada Insurance Service.
Best Doctors takes a holistic approach to healthcare by taking?into account all three?aspects?of your health plan:
1. Global Medical Care Insurance.?
It is?devastating to get a serious medical health diagnosis not to mention stressful if you can't get treatment quickly. This insurance allows for access to top medical professionals across the world. Insurance coverage for groups: $1M, $2M or $5M or individual: $5M lifetime. MRI/CT scan results are received within 72 hours. After a 2-year waiting period, you can be treated for pre-existing conditions as well.
2. In-Depth Medical Assessments
The insured?parties?receive?an in-depth annual?health assessment at private health clinics across?Canada. This outlines a?head to toe?assessment of your health and identifies health?risks, if any, with a planned follow up. Approximately?1 in 3 assessments result in discovering a new medical condition worth monitoring.
3.?Top Medical Specialists
The insured parties have?access to the best doctors, in their field, across the globe. These experts provide you with a?confident diagnosis and treatment plan. You can also get second opinions from these experts with?detailed summaries to share with your physician.
Businesses
Businesses are eligible to insure with at least 5 people, including yourself. Offering private health insurance provides a unique way to attract and retain?your top staff.?
It will also help reduce risk related to:
领英推荐
The cost?associated with this type of insurance is quite reasonable. Every business owner?has different priorities on where they decide to allocate their money.?
If it is a top priority of yours to invest in your health and the health of your team, please connect with me.?
I'm happy to meet and discuss more details with you.?
Attached are links to my most recent podcasts that you may find interesting including an interview with a rep from Best Doctors.?
- Happy Planning
??? New Podcast: Mayor of Money
Best Doctors Canada Insurance Service?Rick Goldring speaks with Deep Bajwa, Director of Sales & Business Development of Best Doctors Insurance, discussing waiting for procedures and diagnostic testing in Canada, treatment options and preventative health and wellness.
The Benefits of A Mortgage Broker?Save time, money and get the best rate!?Jivan Sanghera, President and Broker of Record of Circle Mortgage Group in Burlington joins Rick.
Insurance to Protect Your Legacy
Our goal this year is to present a series of newsletters that help you to?better understand your insurance options as well as the creative ways to use these options.
If you have any insurance questions, please reach out.?
Protect Yourself at Tax Time
Individuals and business owners should?be mindful of scams during this time of year.?
The?Be Scam Smart?government?page provides information on the ways in which the CRA may contact you and how to recognize scams.?
"A good plan today is better than a perfect plan tomorrow."
- General George S. Patton